I have a problem changing the style syntax from old to new. Of course you don't have the global variables, but maybe someone can see something that isn't allowed? I always get black text on black background which indicates, there's something wrong with my syntax. Brackets and commas should be alright. Basically what I've done is to put the "|" divided sections (text, background, sel. backgroound, sel. bg non focus) into the $setstyle() command.
// text
$set_style(text,
$if(%_is_peak%,%_albumpeak%,
$if(%__replaygain_album_gain%,$rgb(0,0,0),
$if(%__replaygain_track_gain%,$if($strcmp($mod(%_playlist_number%,2),1),%_2ndlinecolor%,%_1stlinecolor%),
$rgb(255,255,255)))),
// selected text
$if(%_is_peak%,%_albumpeak%,
$if(%__replaygain_album_gain%,$rgb(0,0,0),
$if(%__replaygain_track_gain%,$if($strcmp($mod(%_playlist_number%,2),1),%_2ndlinecolor%,%_1stlinecolor%),
$rgb(255,255,255))))
)
// background
$set_style(back,
$if(%_isplaying%,
%_playback%,
$if(%_isfirst%,%_dircol%,
$if($strcmp($mod(%_playlist_number%,2),1),%_1stlineColor%,%_2ndlineColor%))),
// selected background
$if(%_isplaying%,
%_playback%,%_selback%),
// selected background non focus
$if(%_isplaying%,%_playback%,$rgb(187,187,187))
)